Codelco and BHP sign agreement to begin exploration of the Anillo Project

The agreement enables BHP to progress exploration activities at the property in the Antofagasta Region, under which BHP may invest up to US$40 million to deepen geological understanding of the area and assess its development potential.

Codelco and BHP today announced the signing of an exploration agreement for the Anillo Project in the Antofagasta Region. The agreement marks a new milestone in the collaboration between the two companies and paves the way for exploration activities to begin at the property.

The agreement was signed during London Metal Exchange Week 2026, which brings together the global mining industry in the UK capital, following the completion of all approvals required under Law No. 19,137 to establish rights over Codelco mining properties that are not part of deposits currently in operation. These approvals included the issuance of the corresponding supreme decree, its review and approval by the Office of the Comptroller General of the Republic, and its publication in the Official Gazette.

Under the agreement, BHP may invest up to US$40 million in reconnaissance work, geophysical surveys, geological studies and drilling programs to assess the project’s mineral potential. BHP is particularly well positioned to lead this initial stage and, should the project’s potential be confirmed, BHP’s technical, operational and infrastructure capabilities could support its future development.

The agreement is part of Codelco’s strategy to create value from its 2.3-million-hectare portfolio of mining properties by bringing in capital, technology and the high management standards of leading industry players. Agreements of this kind enable Codelco to bring in partners’ capital while safeguarding the long-term interests of Codelco and the State of Chile.

Progress on the Anillo Project represents a new opportunity to advance mineral exploration in Chile and contribute to the discovery of resources that could underpin future projects, strengthening the country’s economic development and competitiveness as a global mining leader.

“Having completed all the approvals and procedures required under current regulations, today we are taking a significant step forward with BHP in advancing the Anillo Project. The signing of this agreement allows us to begin a new phase of exploration that will deepen our geological understanding of the area and help us assess its future development potential. We value this collaboration with BHP and hope our joint efforts will create new opportunities for investment, growth and development for Chile and both companies,” said Bernardo Fontaine, Chairman of Codelco’s Board of Directors.

Jess Farrell, President BHP North America & Acting President South America stated, “Meeting the world’s growing demand for copper will require new resources, and exploration will be fundamental to discovering them. By combining BHP and Codelco´s experience, talent and capabilities we have an opportunity to explore new copper potential in northern Chile in the Anillo district. This agreement reflects our long-term commitment to copper and the important role collaboration plays in creating growth opportunities and contributing to Chile’s development.”

The start of the Anillo Project’s exploration phase reinforces both companies’ commitment to developing new mining opportunities in Chile and expanding the country’s mineral resource base for decades to come.

More about the project

The Anillo project is a 24,000-hectare property in the Antofagasta Region. Codelco and third parties have conducted various exploration campaigns at the property in the past, and it remains at an early stage of exploration.

To advance the project, BHP and Codelco announced plans for an exploration agreement at the Bank of America Global Metals, Mining & Steel Conference in May 2025. The signing of the agreement was subject to compliance with the requirements set out in Law No. 19,137.